Advising Elderly Clients: Asset Preservation, LTC, Medical Costs, Trusts, and Critical Documents

After spending a lifetime accumulating assets, an unexpected illness, assisted living, and medical costs can significantly reduce or obliterate a senior's savings. As the population continues to age, more reliance is being placed on CPAs, financial planners, and advisers to provide advice for aging clients. Although everyone agrees that planning is essential to combat rising medical costs, and to provide peace-of-mind, misinformation abounds around elderly planning.

Medical expenses and long-term care costs for chronic illnesses can be devastating to seniors. Long-term care insurance (LTCI), life insurance, reverse mortgages, and Medicaid are available to combat these expenses. LTCI can cover costs not covered by Medicare. Borrowing against the equity in a residence or tapping life insurance policies before death can also help defray costs. Understanding how and when these options fit into lifetime planning is crucial.

Financial considerations may not be the most pressing worry for seniors. Exploitation, diminished capacity, and elder abuse are all vital concerns. A trust, living will, or general durable power of attorney (GDPOA) can mitigate some of these risks.

Listen as our panel of experts divulges strategies for aging clients, including how to secure Medicaid, plan for long-term care, document wishes, and other essential steps to ensure seniors remain financially healthy for life.

1. The aging population
2. Elder issues
   1. Powers of attorney
   2. Wills and living wills
   3. Trusts
3. Financial planning
   1. Long-term care planning
   2. Asset protection
   3. Medicaid planning
   4. Probate

The panel will review these and other significant issues:

• Who should have a healthcare directive?
• What steps should be taken to qualify for Medicaid?
• When should a senior consider a trust?
• When should long-term care insurance be purchased?

Learning Objectives

After completing this course, you will be able to:

• Identify several planning strategies to fund long-term medical costs
• Ascertain when purchasing LTCI could be beneficial
• Determine what advance directives should be considered for seniors
• Decide when a trust is a useful planning vehicle

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).